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technical analysis ripple

Ripple Price Analysis: XRP/USD Turned Short-term Bullish above $0.2660

Aayush Jindal by Aayush Jindal
5 years ago
in Technical analysis
Reading Time: 2 mins read

Key Highlights

  • Ripple price corrected higher recently and broke the $0.2660 and $0.2800 resistances against the US dollar.
  • There is a new connecting bearish trend line formed with resistance at $0.3010 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair is currently below the 100 hourly SMA, but it remains supported near $0.2660.

Ripple price is showing a few positive signs against the US Dollar and Bitcoin. XRP/USD must stay above $0.2660 to recover further above $0.3000 in the near term.

Ripple Price Support

Yesterday, a decent upside move kicked off and Ripple price moved above the $0.2660 resistance against the US Dollar. The XRP/USD pair even broke the $0.2800 and $0.2850 resistance levels to set the pace for more gains. However, the $0.3000 resistance acted as a major hurdle for buyers. The price failed to settle above $0.3000 and formed a high at $0.3029. Later, it corrected lower below the 23.6% Fib retracement level of the last wave from the $0.2472 low to $0.3029 high.

Moreover, there was a close below $0.2900 and the 100 hourly simple moving average. On the downside, an initial support is near the $0.2751 level. It represents the 50% Fib retracement level of the last wave from the $0.2472 low to $0.3029 high. However, the most important support is near the $0.2660 level, which is a pivot zone. As long as the price is above $0.2660, it could move higher. On the upside, an initial resistance is near $0.2880 and the 100 hourly SMA. Moreover, there is a new connecting bearish trend line formed with resistance at $0.3010 on the hourly chart of the XRP/USD pair.

Ripple Price Analysis XRP USD

Looking at the chart, ripple is still supported and it may perhaps make another attempt to move past $0.2900 and $0.3000 in the near term.

Looking at the technical indicators:

Hourly MACD – The MACD for XRP/USD is about to move back in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is flat around the 50 level.

Major Support Level – $0.2660

Major Resistance Level – $0.3000

Tags: OpinionRipple PriceRipple Price AnalysisRipple Price ChartRipple Price Forecastripple xrptradingxrpxrp btcxrp usdXRPUSD
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Aayush Jindal

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies, and Financial Market Strategist. He specializes in market strategies and technical analysis and has spent over 15 years as a financial markets contributor and observer. He also founded an IT company and works rigorously in providing high-quality software services. Aayush possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin, and Ethereum markets. Follow him on Twitter @AayushJs.

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